White & Case advises on establishment of Tabreed’s US$1.5 billion Trust Certificate Issuance Programme and issuance of US$700 million Green Certificates

Global law firm White & Case LLP has advised the arrangers and dealers on the establishment of Tabreed Sukuk Programme Limited's US$1.5 billion Trust Certificate Issuance Programme (the Programme) by National Central Cooling Company PJSC, also known as Tabreed, and the issuance of US$700 million Green Certificates (the Green Certificates) under the Programme.

"The establishment of the Programme was executed under a highly accelerated timeline and incorporated elements of Tabreed's sustainable framework allowing for the issuance of sustainable sukuk," said White & Case partner Debashis Dey, who led the Firm's deal team. "This transaction follows previous issuances by Tabreed, on which White & Case also advised, underscoring our dedication to advising the Islamic finance sector and the sustainable sector. The successful issuance of the Green Certificates demonstrates Tabreed's commitment to sustainable financing and the environmental focus of its district cooling operations."

This was the inaugural issuance by Tabreed under its new Programme and the Green Certificates are listed on the London Stock Exchange's International Securities Market.

Citigroup Global Markets Limited and Standard Chartered Bank acted as arrangers and, alongside Emirates NBD Bank P.J.S.C., First Abu Dhabi Bank PJSC and HSBC Bank plc, as the dealers and joint lead managers, with Abu Dhabi Commercial Bank PJSC as a co-manager.

The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London) and included local partner Marcin Zawadzki (Dubai) and associate Amir Mehdizadeh Iranpour (Dubai).

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